Results for "IRDAI"
Committee on designing of Combi Products for Micro-Insurance segment


1.    Micro-Insurance is specifically intended for the protection of low -income people, with affordable insurance products to help them cope with and recover from financial losses;

2.    Various schemes of the Government have created new opportunities for               Micro-Insurance to reach the vast majority of the poor, including those working in the informal sector.   Even so, market penetration for this segment is seen to be low in India;

3.    In view of improving the Micro-Insurance penetration it is felt that, combination of Life, Non-Life and Health product are to be designed, which are simple, affordable and easy to understand for such class of people and may cater with their need for insurance protection;   

4.    Considering the above, the competent Authority has decided to set up a committee with the following members to look into the above aspects:

Sr. No.
Name
Designation
Organization
Chairperson / member
1
Ms. Yegna Priya Bharat
CGM
IRDAI
Chairperson
2
Ms. R.M. Vishakha
CEO
India First Life Insurance Co. Ltd.
Member
3
Ms. Sreedevi Nair
Regional Manager
The New India Assurance Co. Ltd.
Member
4
Mr. C.N. Chinnaswamy
Sr. V.P.
Star Health & Allied Ins. Co. Ltd.
Member
5
Mr. Shreekant Kumar
CEO
SEWA, Ahmedabad
Member
6
A. Rama Sudheer
Manager
IRDAI
Member / Convenor

5.    The terms of reference of the committee are as below: 

i)     To review the existing regulatory framework on combi-products in India as well as in other jurisdictions and suggest improvements; 

ii)    To recommend on various combinations of Life, Non-Life, Health products suitable for micro-insurance segment, which shall be sustainable as per actuarial evaluations of such products;

iii)   To recommend on design of products viz policy wordings, policy schedules, prospectus etc. for such combi-products;

iv)   To recommend on the servicing aspects of such policies, where there is an involvement of more than one insurer;

v)    Suggest on file and use procedures of such combi-products;

vi)   Suggest on creating of effective awareness programme including training programme to the distribution channels;

vii)  Any other related matter pertaining to product structure of micro insurance segment;

6.    The Committee shall meet as often as required and submit its recommendations within three months of this order.


Committee on development of a concept paper on standalone Micro-Insurance Company
Committee on Development of a concept paper on standalone Micro-   Insurance Company.

1.    India has been seen to be a pioneer in the Micro-Insurance sector in the world and has provided an example with its Micro-Insurance regulations. 

2.    The IRDAI has received suggestions on allowing standalone insurers for transaction of exclusive Micro-Insurance business, as it may boost the Micro-Insurance penetration in India with geographical spread. 

3.    Considering the above, the competent Authority has decided to set up a committee with the following members to look into above aspects:

Sr. No.
Name
Designation
Organization
Chairperson / member
1
Ms. Mirai Chatterjee
Director
SEWA, Ahmedabad
Chairperson
2
Mr. Nachiket Mor
Independent Consultant
N.A.
Member
3
Mr. Mendiratta
Retd. ED
LIC of India
Member
4
Mr. Ajit Dayal
Founder
Quantum Mutual Fund
Member
5
Mr. Biswa Bandhu  Mohanty
Retd. CGM
NABARD
Member
6
Ms. Tabassum Inamdar
Analyst
Banking and Financial Sector
Member
7
Dr. Mamta Suri
C.G.M.
IRDAI
Member
8
Mr. S.P. Chakraborty
G.M.
IRDAI
Member
9
Dr. N.M. Behera
Secretary
Office of the Insurance Ombudsman, Bhubaneshwar
Member
10
Mr. Aleem Afaque
A.G.M.
IRDAI
Member / Convenor

4.    The terms of reference of the committee are: 

a.    To assess the desirability and feasibility of formation of standalone Micro-Insurance Companies;

b.    To review the existing legal and regulatory framework to enable a standalone micro-insurance company Indian Insurance Company after analysing similar provisions in other jurisdictions;




c.    Recommend on the maximum sum insured per person which may be accepted by the proposed micro-insurance Company;

d.    Considering the aspect of ease of doing business, suggest on the applicability and or relaxation of extant Act / Regulatory provisions for proposed micro-insurance Company, which may be registered as an insurer.  The indicative regulatory aspects are as under:
i)     Capital and Solvency;
ii)    Underwriting, Product and Claims;
iii)   Finance and Accounting;
iv)   Investments;
v)    Operations;
vi)   Corporate Governance;
vii)  Others

e.    Any other related matter;

5.    The Committee shall meet as often as required and submit its recommendations within three months of this order.


 (Source: irdai.gov.in)






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Rajanish Kant बुधवार, 5 फ़रवरी 2020
इंश्योरेंस क्लेम सेटलमेंट को लेकर बहुत बड़ा झंझट खत्म!
कोई भी शख्स जब इंश्योरेंस पॉलिसी (जीवन, हेल्थ या साधारण) लेता है तो उसकी सबसे चिंता क्लेम सेटलमेंट को लेकर रहती है। कितने दिनों में क्लेम सेटलमेंट होगा, इसको लेकर पॉलिसीहोल्डर काफी परेशान रहते हैं। लेकिन, इंश्योरेंस रेगुलेटर आईआरडीए ने इस परेशानी को कुछ हद तक कम करने की कोशिश की है। 

रेगुलेटर ने सभी इंश्योरेंस कंपनियों से पॉलिसीहोल्डर को क्लेम सेटलमेंट से जुड़ी स्थिति (स्टैटस) की नियमित जानकारी देने को कहा है। आईआरडीए ने सर्कुलर जारी कर इसे एक जुलाई 2019 से अनिवार्य किया है। रेगुलेटर का मानना है कि पॉलिसीहोल्डर को साफ-सुथरे शब्दों में और पारदर्शी तरीके से जानकारी देना इंश्योरेंस कंपनियों का कर्तव्य होना चाहिए। 

इंश्योरेंस कंपनियों से क्लेम सेटलमेंट मैकेनिज्म विकसित करने के लिए कहा गया है। उन्हें पॉलिसीहोल्डर को अंग्रेजी, हिन्दी या दूसरी क्षेत्रीय भाषाओं में ई-मेल, मोबाइल या जैसे भी जल्द से संभव हो, क्लेम सेटलमेंट स्टैटस की जानकारी देनी होगी। 

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Rajanish Kant बुधवार, 10 अप्रैल 2019